MARTIN LEWIS, the Money Saving Expert, shared some top advice on how to make the most from your money with one particular type of bank account during his ITV show, The Martin Lewis Money Show, last night.

Related articles

In the instalment, Martin took a look at how savers can ensure they maximise the amount of money they can make on their earnings.

“Be careful keeping big sums in current accounts. Some pay no interest at all, others only give you decent interest up to a certain amount - so don’t put in any more than that,” he warned, before taking a look at savings accounts.

Speaking with one fan, Suzanne, the Money Saving Expert discussed how normal savings accounts could actually leave people "better off" than with cash ISAs.

“You do need ISAs,” Martin told Suzanne, before explaining: “Most people don’t because they don’t have enough savings to earn £1,000 a year interest tax-free.”

But, during one scene, Martin compared the interest rates of a number of normal savings (AER) and cash ISAs (AER).

Taking a look at two easy access cash ISAs - from Charter Savings and Virgin Money - Martin addressed how these currently offered an interest rate of 1.4 per cent.

Martin Lewis: The Money Saving Expert shared some of his expertise on his ITV show (Image: GETTY • ITV)

In contrast, Martin identified how the Marcus, part of Goldman Sachs, easy access savings account has a 1.5 per cent interest rate, while the Post Office option offers 1.45 per cent.

The two-year fixed savings account from Charter Savings boasts a 2.3 per cent interest rate - which is higher than the ISA he picked out.

With all of these accounts delivering higher interest rates than the cash ISAs he highlighted, Martin went on to explain that it could make a lot of sense to switch.

Debunking the myth that ISA accounts would always deliver better income through interest rates, Martin explained basic rate taxpayers (who pay 20 per cent tax) have a personal savings allowance of £1,000 - meaning at a 1.5 per cent interest rate, they won’t pay tax on income up to £66,666.

“Unless you’re someone who pays tax on their savings above the personal savings allowance, you would be far better off in normal savings,” he told fans, before advising: “There is a chance that rates might rise in the future, and then you would need a cash ISA - but right now, these win.”